Easily set up Standing Orders with your LOOP App

LOOP App Standing Orders: Running a business means you will have to handle various bills and expenses which is an integral part of the day-to-day running of your.

Some of these bills will be paid at once while others are recurrent expenses that need regular payments. 

Such payments may include paying for a house or office rent, business license payment, or payment made in a lump sum for a service or product.

While they are sometimes plain, tending to these kinds of payments appropriately can be quite challenging. Because you have to plan to make sure that by the time the payment falls due you have enough funds for the same. Standing orders could be used Where regular or instalment payments are required. 

For managing your recurring payments conveniently, the LOOP app has a feature that is very easy to use in making Standing Orders. Making it easier to automate and schedule regular payments, it prevents the manual tracking of them and avoids missing any payments. This reduces the overall risk.

Just key in the details such as the amount, how often, and who gets the money and the app does the rest. This feature guarantees that all your payments are made on time without needing continuous attention. With LOOP, setting up a standing order means having a fixed amount of money transferred from your account to another, at regular intervals, be it weekly, monthly or even yearly.

Some of the things you might want to instruct your bank under standing order include transferring cash into your savings or investment accounts— this assists you stay committed to your budgeting and saving goals The simplicity in using it is what makes the LOOP app’s Standing Orders feature very advantageous. It also interfaces you in setting, modifying, or cancelling standing orders promptly when need be.

Of course, some costs will always need one-off payments. However, if you can weave the standing orders into your approach to managing finance, this can go a long way to enhance your efficiency and dependability in managing ongoing expenses. This not only helps you maintain a smoother operation but also enables better budgeting and planning for your business financially. 

The standing order feature on the LOOP App is available on both your bank and LOOP wallet.

The LOOP app is available for download for Android devices on the PlayStore and IOS devices on the Apple Store.

Follow us on Telegram, Twitter, and Facebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates. Send tips to editorial@techtrendsmedia.co.ke